As part of the United Nations International Conference on Financing for Development, the African Business Roundtable (ABR) convened a high-level side event on 1 July 2025 at the Fibes Seville Exhibition and Conference Centre, Seville, Spain. Themed “Shaping the Future of Financing for Development in Africa Amidst Trade Wars and Dwindling Global Aid,” the event addressed critical challenges facing Africa’s development financing in today’s increasingly complex global economic environment.
The session brought together government representatives, influential policymakers, business leaders, and financial market executives from around the world. It provided a platform for in-depth dialogue on strengthening international partnerships and exploring innovative approaches to bridge the continent’s widening financing gap.
This strategic side event served as a vital platform for Nigerian and African delegates to interact directly with global leaders, including representatives from the G7 and G20 countries, heads of leading multinational corporations, executives from major development finance institutions, and CEOs of top financial institutions across Europe, Asia, the Americas, and the Middle East.
Against the backdrop of a staggering global development financing gap—currently estimated at $4 trillion annually and projected to rise to $6.4 trillion by 2030—Africa faces a significant shortfall of $402 billion per year. This financing deficit is further exacerbated by escalating global trade tensions and a marked decline in international aid. Consequently, African governments at the national, state, and local levels must now devise bold, homegrown solutions to realize their development aspirations.
Held during the fourth edition of the UN Financing for Development initiative, the ABR side event focused on how Africa can rethink and reshape its financing strategies amid mounting global headwinds. The distinguished panel included:
• Dr. Ruth Kattumuri, Senior Director at the Commonwealth
• Dr. Fatima El Sheikh, Executive Secretary, Arab Bank for Economic Development in Africa (BADEA)
• Professor Kevin Urama, Chief Economist, African Development Bank (AfDB)
• Mr. Babajide Sodipo, Acting Executive Secretary, Alliance of African Multilateral Financial Institutions
• Mr. Dotun Ajayi, Executive Director (West Africa), African Business Roundtable
The session was moderated by Mr. Onyelukachukwu Ojugo, Consultant at the African Business Roundtable, who skillfully guided the discussion to ensure a dynamic and impactful engagement. The event attracted captains of industry, heads of delegations, and top-tier policymakers from across the globe.
During the discussions, it was emphasized that Africa must move beyond policy formulation to ensure full and effective implementation. The continent can no longer afford to pay lip service to the ideals of the free movement of people, goods, and services if it truly aims to facilitate trade and drive broader development.
The panel called for increased adoption of financial technologies to streamline cross-border transactions, enhance liquidity, and enable more seamless business processes across the continent. They also highlighted the imbalances of the current global development financing architecture, which disproportionately benefits wealthier nations while deepening the economic struggles of developing ones. A new and fairer global financial model was strongly advocated.
Speakers further underscored the importance of mobilizing domestic resources and leveraging Africa’s vast natural and human capital for its own development. There was a consensus on the urgent need to recapitalize and strengthen African development institutions while tackling persistent issues such as illicit financial flows, corruption, and misappropriation—factors that continue to undermine Africa’s financial stability and development progress.
The continent’s tax and trade systems also came under review, with participants noting that it is often easier to import goods from outside Africa than to trade within the continent—a challenge that must be urgently addressed.
Moreover, the panel emphasized the need for a more aggressive push toward intra-African trade, which is critical for sustainable economic integration and inclusive growth. A striking observation was made: under the current global financial system, Africa remains a net creditor to the world—a paradox that demands urgent correction.
The event concluded on a reflective yet optimistic note. The intellectual depth and strategic insight shared throughout the session reaffirmed Africa’s readiness to chart its own course toward prosperity. The moderator closed with a powerful quote—originally referencing China but aptly adapted for Africa:
“Here is Africa, the sleeping giant of the world. When she awakens, the whole world shall know and be better for it.”
Indeed, Africa possesses the talent, the resources, and the determination to rise. What remains is for its leaders to summon the will and courage to act. The African Business Roundtable remains steadfast in its commitment to driving the dialogue, partnerships, and actions necessary to elevate Africa from the shadows of obscurity to the heights of global influence and greatness.